RBC Economists Say Recession Could Happen Sooner Than Expected

A person walks by the Royal Bank of Canada building on Bay Street on May 27, 2020. Nathan Denette/The Canadian Press

The Royal Bank of Canada (RBC) has changed its forecast, predicting an upcoming recession will arrive sooner than expected.

While some say it will be mild and others say it will be full-blown, many economists say that a recession—which is usually defined as two quarterly periods of negative economic growth—is on the horizon for 2023.